Bears’ pressure increases
Sponge Price Analysis – 20 January
The bulls may be able to hold onto their edge in the market if the Sponge breaks over the $0.000998 barrier level and runs into resistance between $0.001158 and $0.001298. If the $0.000886 level persists, the price can fall to the support levels of $0.000695, and $0.000577.
Sponge/USD Market
Key levels:
Resistance levels: $0.000998, $0.001158, $0.001298
Support levels: $0.000886, $0.000695, $0.000577
SPONGEUSDT Long-term Trend: Bullish
Bullish on the daily SPONGEUSDT chart. Bears should be wary of the triple bottom chart pattern, which emerged at the $0.000356 support level. The currency rises northward like an eagle as a result of this. The price surged to the top of the $0.001298 barrier level after breaking through the prior resistance levels of $0.000886, $0.000998, and $0.001158. It retreats in an attempt to retry to reach the shattered $0.000998 level. It’s getting close to the previous high of $0.001298 at this point.
Buyers are making their way back into the SPONGE market after the slump. The indicator’s upward trajectory and the price’s trading above the Hull Suite signal indicate a bullish trend. The bulls may be able to hold onto their edge in the market if the price breaks over the $0.000998 barrier level and runs into resistance between $0.001158 and $0.001298. If the $0.000886 level persists, the price can fall to the support levels of $0.000695, and $0.000577.
SPONGEUSDT medium-term Trend: Bullish
The 4-hour SPONGEUSDT chart is in an upward trend. Even though the bulls are under growing pressure, the medium-term trend is still strong. The $0.001298 resistance level is tested when resistance levels such as $0.000998, $0.000577, and $0.001158 collapse. The price is returning to the former high of $0.001298 while remaining at the previously indicated level.
Given that the price is above the Hull Suite indicator, the market has significant momentum. Because the currency pair is trading above the indication, the market is favorable. A buy signal appears when the QQE MOD indicator is higher than zero.
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— $SPONGE (@spongeoneth) January 19, 2024
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